Loans from SASSA don’t exist!
If you are the recipient of a SASSA grant (or holder of a social grant card), then a supposed “SASSA” loan is something to watch out for.
The South African Social Security Agency sends out grants to more than 18 million South Africans, according to their home page, but not does not offer loans.
If you are the recipient of a SASSA grant (or holder of a social grant card), then a supposed “SASSA” loan is something you should watch out for.
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Here’s what the law says about why “social grant loans” are fraudulent.
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“CAN I GET A SASSA LOAN?”
According to the GroundUp website, “SASSA does not give loans.”
The Social Security Agency exists only to disperse and control social grants: monies received by beneficiaries who applied for help and passed the subsequent means test for their grant.
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If you see a company offering a “SASSA loan”, they are not connected to the real South African government department. You are being lied to, and should report this person or company to the National Helpline at 080 060 1011.
HOW DO I SPOT ILLEGAL LENDERS?
In order to provide legal loans, a company has to be a registered Financial Services Provider (FSP): this requires a legal Financial Services Provider number.
Loans companies must have an FSP number that shows up on the National system.
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If you want to apply for a loan, type their FSP number into the Financial Services Conduct Authority’s website at this link.
A company that doesn’t show up on this system, is comitting fraud. It means that they are not allowed to provide loans or credit.
Illegal lenders have illegal terms, and they will not follow the law.